New York Lawmakers Reach Deal on ‘Millionaires’ Tax’

Via the NY Times:

Gov. David A. Paterson and leaders of the Legislature have reached a deal to temporarily raise taxes on New York’s highest earners in order to close the state’s yawning budget deficit, lawmakers and officials involved in the talks said on Saturday.

The new plan, which would expire after three years, would represent the largest income tax increase in recent state history, significantly larger than the surcharges imposed from 2003 to 2005, when the state last faced a major recession.

Dan Cantor, the executive director of the Working Families Party said, “It’s a profound breakthrough for tax fairness. The era of phony prosperity has ended, and a new era of real shared sacrifice must begin.”

No doubt some Wall Street fat cats will be seeing red over this!